One of the exhibits included in this report.
Tracking and understanding the shifts in consumer preferences is instrumental to planning for the future and creating innovative payments solutions that satisfy consumers’ everchanging needs.
BOSTON (PRWEB) November 11, 2021
Mercator Advisory Group has released a new primary research report titled 2021 U.S. North American PaymentsInsights: The State of the Consumer Market - Prepaid/Gift, Credit, and Debit Cards, summarizing the findings from the Summer 2021 North American PaymentsInsights survey of 3,001 U.S-based adults. The report aims to highlight the key findings from the survey as they relate to consumer experience with prepaid, gift, credit, and debit cards. The report brings together various aspects of consumers’ experience with the different payment methods covered, as well as relevant behavioral habits and attitudes. Readers of the report will get an idea of how consumers use various payment cards, how they view card features, and the challenges that they encounter.
“The past 18 months have seen an unprecedented shift in consumer payment behaviors and attitudes, driven by disruptive factors including the COVID-19 pandemic, product shortages, and the accelerated adoption of online shopping. Tracking and understanding the shifts in consumer preferences is instrumental to planning for the future and creating innovative payments solutions that satisfy consumers’ everchanging needs.” - Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.
Highlights of the 2021 North American Payments Insights: The State of the Consumer Market - Prepaid/Gift, Credit, and Debit Cards Data Summary Report:
- The average dollar amount loaded onto retailer-specific prepaid cards was $126.
- Over half of respondents that used a retailer-specific gift card had spent the entire value on the card in just one shopping trip.
- Over 60% of credit card users reported using their credit primarily to get rewards, while slightly over half said that they use a credit card only to build credit history and that they try to pay off the full balance every month.
- Cashback was perceived to be the most important reward by greatest share of those that participate in credit card rewards programs (41%).
- Only 32% of debit card users have used their debit card to get cash back from a merchant in the past 12 months.
This report contains 54 slides and 42 exhibits.
Members of Mercator Advisory Group’s North American PaymentsInsights Survey Series Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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About Mercator Advisory Group:
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.